Real estate news on Registration of property dips 60% in Old City

Price Trends, Real Estate services, Hyderabad
Posted on Dec 29, 2016

Property registrations have decreased across the Old City post demonetisation, according to the revenue department officials. The number of sale deeds has decreased while there is an increase in gift deeds, in all the sub registrar offices and District Registrar offices (DRO).

"The sale deed documents have decreased by almost 50%, I used to process 10 to 15 sale deed documents every day before demonetisation, now, I process only five to six documents per day," said Ravinder V, sub registrar, District Registrar Office(DRO), Red Hills, "However the number of gift deeds have increased," he added.

Random checks at the sub registrar revealed the people who entered into an agreement before the Centre's decision went a step ahead to buy the property; however, the number of people purchasing a new property was very less.

"Post demonetisation, the sale deeds I came across were among family members and friends. I did not come across even one sale deed since Nov 8, which was not among family members," said Jyothi V, sub registrar, Azampura.

Denizens were visiting the office to register their rental agreement, mortgages and will deeds on December 27, however sale deed registrations were barely seen. The stamp paper counter at the offices, which witness queues most of the time barely, saw any customers. "We used to sell almost 5000 to 6000 stamp papers per day, post demonetisation, the counter has decreased to approximately 2000 per day," said a staffer at sub registrar office, Azampura, "I used to issue approximately 30 to 40 encumbrance certificates(EC), per day, now the count has come down to 15 EC's per day," he added.

Property document registration services, who earn their living by drafting the registration documents blame the cash crunch. "Most of my customers pay the Echallan by cash, they are postponing their property registration due to long bank queues", said, Azam Pasha, a document writer outside a sub-registrar office.

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